Union Bankshares Announces Earnings for the three months ended March 31, 2022 and Declares Quarterly Dividend

About this update from Union Bankshares, Inc.

[{"type":"text","content":"MORRISVILLE, Vt., April 20, 2022 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) ) today announced results for the three months ended March 31, 2022 and declared a regular quarterly cash dividend. Consolidated net income for the first quarter was $2.5 million, or $0.55 per share compared to $2.9 million, or $0.64 cents per share, for the same period in 2021, a decrease of $394 thousand, or 13.7%. Interest income was $9.7 million for the three months ended March 31, 2022 compared to $9.5 million for the comparable period in 2021, an increase of $226 thousand, or 2.4%, due to higher volumes of interest earning assets partially offset by lower average yields. Conversely, despite higher customer deposit balances, interest expense decreased $338 thousand, or 30.7%, to $763 thousand for the three months ended March 31, 2022 compared to $1.1 million for the comparable period in 2021 attributable to lower interest rates. No provision for loan losses was recorded for the three months ended March 31, 2022 compared to $150 thousand for the comparable quarter in 2021. There was no net charge-off activity as of March 31, 2022 compared to net recoveries of $8 thousand for the comparable period in 2021. Noninterest income was $2.1 million for the three months ended March 31, 2022 compared to $2.6 million for the three months ended March 31, 2021, a decrease of $566 thousand, or 21.6% caused primarily due to the reduction in net gains on sales of residential loans. Sales of qualifying residential loans to the secondary market for the first quarter of 2022 were $16.4 million resulting in net gains of $14 thousand, compared to sales of $29.7 million and net gains on sales of $894 thousand for the first quarter of 2021. The rapid increase in the 10-year treasury yield negatively impacted the premium obtained on sales of qualifying loans in the first quarter of 2022 compared to the same period in 2021. This resulted in lower sales volume and more residential loans retained on the balance sheet. Noninterest expenses increased $661 thousand, or 8.9%, during the comparison periods due to increases of $327 thousand in salaries and wages, $136 thousand in employee benefits, $50 thousand in occupancy expenses, $118 thousand in equipment expenses, and $30 thousand in other expenses. Income tax expense decreased $119 thousand. Total assets were $...

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